Modern Energy
703 Foster St, Durham, NC, 27701, United States
Overview
Modern Energy is an energy asset management firm that invests in businesses that bring emerging energy technologies to market and the energy resources those businesses produce. From energy efficiency in the United States to solar projects in Brazil to virtual power plants in the United Kingdom, Modern supports leaders in the transition to a digital energy ecosystem. New hardware and software innovations are rapidly reshaping the competitive landscape of energy markets. Cost reductions in energy efficiency, generation, management, and storage are changing the economics of energy markets. At the same time, new software applications are dramatically reducing the transaction costs required to purchase, aggregate, dispatch, and monetize millions of small energy installations, ranging from industrial coolers to solar home systems. Together, these changes represent a once in a century transformation of their energy ecosystem and enable Modern Energy to play a catalytic role in bringing market-moving price and technology trends to scale. It was incorporated in 2010 and is based in Durham, North Carolina.
- Total investments
- 1
- Lead investments
- 1
- Investments · 12mo
- 0
- Active investors
- 2
Sector focus
- Energy
- Environmental Engineering
- Renewable Energy
Investment portfolio
- NovoHydrogen
Led · Equity · Oct 2023
NovoHydrogen develops onsite and near-site green hydrogen projects for customers across industrial, power, and transportation sectors. Founded in 2021 by Matt McMonagle, the company focuses on origination, project development, and financial structuring of green hydrogen infrastructure. NovoHydrogen has a strategic partnership with Ohmium, a PEM electrolyzer manufacturer. The company was selected as a member of the Pacific Northwest Hydrogen Hub and entered award negotiations for development of that site. Modern Energy's $20 million equity commitment will enable NovoHydrogen to strengthen its team and advance its development portfolio to final investment decision and into construction. Advisors GreenFront Energy Partners and Vinson & Elkins advised the company during the fundraising process. NovoHydrogen develops renewable hydrogen projects, focusing on origination, project development, and financial structuring. The company aims to accelerate the energy transition with a focus on tough-to-decarbonize industrial, transportation, and power sectors. It is led by CEO Matt McMonagle and is based in Golden, CO. NovoHydrogen recently closed a seed financing; the round size and backers were not disclosed in the article. The board includes clean energy leaders such as Jeremy Avenier, Peyton Boswell, Bruno Franco, and Joseph Malchow, who bring experience in electrolyzers, solar and storage asset management, Latin American energy finance, and energy-technology investing. No operating metrics or revenue figures were disclosed in the article.